Points of Focus

• Tether has appointed KPMG to conduct its first full audit of USDT reserves, moving beyond attestations.
• PwC is preparing internal systems and controls, signaling deeper operational changes ahead of scrutiny.
• The dual move aligns with US expansion plans and a reported $15B–$20B capital raise.

On March 26, 2026, Tether announced that it had selected KPMG to conduct a full financial statement audit of its USDT reserves while bringing in PwC to prepare its internal systems.

The timing aligns with a broader shift in how the company is preparing for regulatory and investor scrutiny. These steps come as the company explores a $15 billion to $20 billion capital raise and positions itself for entry into the United States under a new regulatory framework. Together, they point to a coordinated shift in how Tether is preparing to be evaluated by regulators and large investors.

Tether has selected KPMG to conduct a full audit of its approximately $185 billion USDT reserves and hired PwC to prepare its internal systems. The move comes as Tether plans a U.S. expansion and seeks to raise $15–20 billion amid investor concerns over pricing and regulatory… pic.twitter.com/4VG5zN0Bx5

— Wu Blockchain (@WuBlockchain) March 27, 2026

Tether audit shifts from attestations to full financial scrutiny

For years, Tether relied on periodic attestations from BDO Italia. These snapshots confirmed reserves at a given moment but didn’t assess internal controls, liabilities, or the consistency of financial reporting.

A full audit led by KPMG expands that scope and requires:

• Verification of asset composition and valuation
• Review of liabilities tied to issued USDT
• Examination of internal reporting systems and controls

This distinction is important because a full audit tests whether the system works continuously, not just whether assets exist at a single point in time.

Tether’s CFO Simon McWilliams said earlier this week that the company is already operating at a “Big Four audit standard,” adding that the audit “will be delivered.” The engagement with KPMG is the first time a Big Four firm has formally taken on that role.

PwC systems overhaul signals operational preparation for audit

PwC’s role goes beyond advisory and focuses on preparing Tether’s internal systems for audit readiness. According to the Financial Times, the firm has been tasked with preparing Tether’s internal systems ahead of the audit process.

This typically involves:

• Standardizing financial reporting frameworks
• Strengthening internal controls
• Aligning systems with audit requirements

Without this step, a full audit at Tether’s scale would be difficult to execute effectively.

The company manages a stablecoin supply of roughly $184 billion as of March 27, 2026. That scale places it among the largest holders of US treasury bills in the crypto sector, linking its operations directly to traditional financial markets.

Capital raise and US expansion tie audit to investor confidence

The audit and systems overhaul are unfolding as Tether seeks to raise between $15 billion and $20 billion at a reported $500 billion valuation, according to prior Financial Times reporting.

The Financial Times reported investor hesitation, with concerns focused on pricing and regulatory exposure.

At the same time, the company is preparing to operate under the GENIUS Act, a US law passed in July 2025 that introduced federal oversight for stablecoins. Tether has already launched USAT, a compliant dollar-pegged token, as part of this strategy.

The sequence is clear:

• regulatory framework in place
• audit initiated
• systems upgraded
• capital raise pursued

Each step builds on the previous one, showing a structured approach to regulatory alignment and investor readiness.

After saying that major accounting firms were unwilling to provide auditing services, Tether received a sign-off from Deloitte on the first-ever reserve report for its USAT stablecoin that was launched to comply with new US regulations https://t.co/NP5aGkr9zq

— Bloomberg (@business) March 2, 2026

Past transparency issues frame the importance of the audit

Tether’s relationship with regulators provides context for why this audit carries weight.

In 2021:

• The New York Attorney General secured an $18.5 million settlement over reserve disclosures
• The Commodity Futures Trading Commission fined Tether $41 million for misleading statements

Separately, documents released in 2023 following a FOIL request showed that, as of March 2021, a large share of reserves was held at Deltec Bank, with exposure to commercial paper issued by international banks.

These episodes didn’t stop USDT’s growth, but they shaped how regulators and investors evaluate the company.

A full audit doesn’t erase that history. It addresses it directly by subjecting the entire system to external verification.

What this means for how Tether is positioning itself

Tether is no longer operating only within crypto-native expectations.

By engaging KPMG for a full audit and PwC for system preparation, the company is aligning its structure with the standards applied to large financial entities. The timing, tied to a capital raise and US entry, shows that access to new pools of capital now depends on meeting those standards.

The outcome of the audit will shape how regulators and investors assess that positioning.